PENGARUH PROFITABILITAS, LIKUIDITAS, KEBIJAKAN HUTANG, FREE CASH FLOW TERHADAP KEBIJAKAN DIVIDEN DENGAN UKURAN PERUSAHAAN SEBAGAI MODERASI (Studi Kasus Pada Sektor Perusahaan Industri Barang Konsumsi yang Terdaftar di BEI 2015-2018)

Maria Ulfa, Anggita Langgeng Wijaya, Moh. Ubaidillah

Abstract


This study aims to test empirically the effect of profitability, liquidity, debt policy, and free cash flow on dividend policy with company size as moderation. This study uses a sample of consumer goods industry sector companies listed on IDX for the 2015-2018 period. The number of samples in this study were 20 companies for 4 years, the number of samples in this study was 80 samples. The method used was purposive sampling. Hypothesis testing used in this study uses the classical assumption test, multiple regression analysis with the T-test and moderated regression analysis (MRA) completed with SPSS version 21 software. The results show that profitability has a positive effect on dividend policy, while Liquidity, Debt Policy, Free cash flow has no effect on dividend policy. With MRA analysis, company size weakens profitability, liquidity, and free cash flow against dividend policy. Meanwhile, company size strengthens the debt policy against dividend policy.
Keywords: Dividend Policy, Profitability, Liquidity, Debt Policy, Free cash flow, and Company Size

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